# Price Elasticity of Demand Assignment | Homework For You

1.assume you are selling a product in which at a price of \$10, you can sell 90 units.  When the price increases to \$11, you can only sell 63 units. Given this change in price and sales,

Don't use plagiarized sources. Get Your Assignment on
Price Elasticity of Demand Assignment | Homework For You
Just from \$13/Page

A. What is the price elasticity of demand for your product?

B. Is demand elastic, unit-elastic or inelastic?

C. What is the change in revenue for this product from the price increase?

2.Compute and discuss elasticities for the following cases:

A. When consumer income increases by 4%, the demand for Ramen Noodles decreases by 6%. What is the income elasticity for Ramen Noodles?  Explain what this income elasticity measure tells you.

B. When the price of bread increases by 7%, the demand for butter decreases by 9%.

What is the cross price elasticity? How are the two goods related – are they substitutes

or complements?  Explain why.

C. When the price of pork increases by 8%, the quantity of lamb purchased increases by 5%.  What is the cross price elasticity? How are the two goods related – are they

substitutes or complements?  Explain why.

3.Explain the factors of production and give an example for each one.

4.an individual leaves a college faculty, where she was earning \$50,000 a year, to begin a new venture.  She invests her savings of \$20,000, which were earning 10 percent annually.

She then spends \$20,000 renting office equipment, hires two students at \$30,000/student a year, rents office space for \$15,000 and has other variable expenses of \$50,000.  At the end of the year, her revenues are \$240,000.

A. What are her accounting profits for the year?

B. What are her economic profits for the year?

(Be sure and show your work for both questions)

5.you expect to receive a payment of \$600 one year from now.  Answer the following

A. The discount rate is 6%.  What is the present value of the payment

B. Suppose that the discount rate rises to 7%.  What is the present

value of the payment to be received?

C. What will cause the present value of a future payment to decline? Get Economics homework help today

Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.

With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.

Affordable Prices

Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.

On-Time delivery

My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.

100% Originality

Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.

Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: support@myhomeworkwriters.com.

Try it now!

## Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Homework Writing Services

My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.

## Essay Writing Services

At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.